- If You Are Waiting For An “Economic Collapse”, Just Look At What Is Happening To Europe!
by Michael Snyder, http://theeconomiccollapseblog.com/
If you are anxiously awaiting the arrival of the “economic collapse”, just open up your eyes and look at what is happening in Europe. The entire continent is a giant economic mess right now. Unemployment and poverty levels are setting record highs, car sales are setting record lows, and there is an ocean of bad loans and red ink everywhere you look. Over the past several years, most of the attention has been on the economic struggles of Greece, Spain and Portugal and without a doubt things continue to get even worse in those nations. But in 2014 and 2015, Italy and France will start to take center stage. France has the 5th largest economy on the planet, and Italy has the 9th largest economy on the planet, and at this point both of those economies are rapidly falling to pieces. Expect both France and Italy to make major headlines throughout the rest of 2014. I have always maintained that the next major wave of the economic collapse would begin in Europe, and that is exactly what is happening. The following are just a few of the statistics that show that an “economic collapse” is happening in Europe right now…
– The unemployment rate in the eurozone as a whole is still sitting at an all-time record high of 12.1 percent.
– It Italy, the unemployment rate has soared to a brand new all-time record high of 12.7 percent.
– The youth unemployment rate in Italy has jumped up to 41.6 percent.
– The level of poverty in Italy is now the highest that has ever been recorded.
– Many analysts expect major economic trouble in Italy over the next couple of years. The President of Italy is openly warning of “widespread social tension and unrest” in his nation in 2014.
– Citigroup is projecting that Italy’s debt to GDP ratio will surpass 140 percent by the year 2016.
– Citigroup is projecting that Greece’s debt to GDP ratio will surpass 200 percent by the year 2016.
– Citigroup is projecting that the unemployment rate in Greece will reach 32 percent in 2015.
– The unemployment rate in Spain is still sitting at an all-time record high of 26.7 percent.
– The youth unemployment rate in Spain is now up to 57.7 percent – even higher than in Greece.